Stephen Miran, one of the newest members of the Federal Reserve’s Board of Governors, said on Monday that the central bank’s policy stance is far too restrictive, pressing his colleagues to recognize the risk of needlessly slowing the economy at a time when inflation is already coming down.
Speaking at the Economic Club of New York, Miran argued that the Fed’s benchmark rate should be closer to two to 2.5 percent, roughly two points below its current level. He said that recent changes in immigration, fiscal policy, and trade have altered the underlying balance of saving and investment in ways that most models fail to capture. The result, he…
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